FSCS declares Niche IFA failed after British Steel claim upheld

FSCS says Niche IFA has 175 British Steel complaints against it

Jenna Brown
clock • 1 min read

Niche Independent Financial Advisers (Niche IFA) has been declared failed by the Financial Services Compensation Scheme (FSCS) after a complaint over its British Steel pension transfers was upheld.

The FSCS began its investigation into claims against the advisory business last May when it stopped trading and went into liquidation. The FSCS said there had been a total of 175 claims about the Newport-based firm so far with one upheld, which prompted the compensation body to put the advisory business in default. It added that 49 of the claims had been rejected as the clients suffered no financial loss. The remainder are in progress, the body said. The FSCS explained that in 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read